VOL. 129 | NO. 216 | Wednesday, November 5, 2014
Courtyard Memphis East Fetches $11.7 Million
By Amos Maki
The Courtyard Memphis East/Park Avenue has sold for $11.7 million as part of New York-based NorthStar Realty Finance Corp.'s $1.1 billion acquisition of 52 hotels nationwide.
CBM One Hotels LP, which is affiliated with Courtyard by Marriott LP, sold the Courtyard at 6015 Park Ave., at the southeast corner of Primacy Parkway across from St. Francis Hospital, to CMP 1 Memphis Owner LLC, according to a special warranty deed recorded Nov. 4.
Charles R. Latham, managing director of hospitality sector investments for New York City-based investment firm Clarion Partners LLC, signed the deed for the seller.
The buyer, CMP I Memphis Owner, is affiliated with the NorthStar Realty Finance real estate investment trust and filed a $23.3 million loan through JPMorgan Chase Bank NA, according a deed of trust recorded Nov. 4. The $23.3 million loan is part of a much larger $415 million mortgage through JPMorgan Chase that helped fund the purchase of the 52 upscale extended-stay and select-services hotels.
The 76,722-square-foot Courtyard Memphis East was built in 1987 has 146 rooms. The Shelby County Assessor of Property’s 2014 appraisal is $6.1 million.
This is the second major East Memphis hotel to change hands in the past week.
The Hotel Memphis at 2625 Thousand Oaks Blvd., near Perkins Road and I-240, was sold for $5 million, according to an Oct. 29 warranty deed.
The 320-room, 218,000-square-foot hotel, formerly branded as Memphis Marriott, was built in 1987 and is situated on about 10 acres on the west side of Thousand Oaks north of Showcase Boulevard. The Shelby County Assessor appraised it at $13.4 million this year.